If you’re asking yourself, “Is Bitcoin a good investment?” Here’s some news for you.
The price of Bitcoin and other cryptocurrencies experienced a decline on Monday due to anticipation surrounding the Federal Reserve’s monetary-policy announcement this week. Additionally, the introduction of a new cryptocurrency co-founded by OpenAI CEO Sam Altman failed to uplift market sentiment in the sector.
Bitcoin’s value dropped by 0.7% in the last 24 hours, reaching $29,726 early on Monday. Despite recent progress, Bitcoin has struggled to surpass the $30,000 threshold, and it appears that the Fed’s decision and communication are causing investors to shy away from risky investments.
According to Yuya Hasegawa, an analyst at Bitbank cryptocurrency exchange, Bitcoin is currently trading within a narrow range and is expected to continue doing so until the conclusion of this week’s FOMC Federal Open Market Committee meeting.
Meanwhile, Ether, the second-largest cryptocurrency, saw a slight decline of 0.4%, reaching $1,868. Other smaller tokens, known as altcoins, also experienced losses, with Cardano down 0.7% and Polygon falling 1.9%.
If you’re deliberating on whether Bitcoin is a good investment, the key is knowing the opportune moment to invest.
In other news, Worldcoin Cryptocurrency Project Launches with Eye-Scanning Technology, Garnering Endorsement from Sam Altman of OpenAI.
Worldcoin, the groundbreaking cryptocurrency project, has recently been unveiled. Its innovative approach utilises eye-scanning technology to establish a secure “proof of personhood” in response to the rising prominence of artificial intelligence. Notably, industry titan Sam Altman, founder of OpenAI and developer of ChatGPT, has given his full endorsement to Worldcoin.
Excitingly, the world’s largest cryptocurrency exchange, Binance, has announced that it will be selling the Worldcoin token. However, regulatory ambiguity in the cryptocurrency sector currently restricts access to Worldcoin in the United States. So stay tuned for updates on its availability in the future.